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Boskalis jaarverslagen 2012

Holding and eliminations

Non-allocated head office activities.

HOLDING AND ELIMNATIONS   2014   2013
(in EUR million)        
Revenue eliminations   -7.1   -11.9
EBITDA*   -48.1   16.2
Net result from JVs and associates   0.0   17.1
Operating result (EBIT)*   -47.9   -6.0

*
 
Our share in the net result of the joint ventures and associated companies is included in the EBIT(DA). 2013 figures adjusted for IFRS11.

Segment result

The operating result mainly includes the usual non-allocated head office costs as well as various non-allocated (in many cases non-recurring) income and expenses.

A non-recurring non-cash pension charge of EUR 14.6 million was recognized in the first half of 2014 in connection with the change in the pension scheme for a large proportion of the Dutch (corporate) staff and the transfer of the scheme to an external pension fund administrator. In the second half of the year the pension scheme in question was amended to comply with new tax rules that came into force on 1 January 2015. This resulted in a non-cash pension gain of EUR 15.4 million. This means that on balance these two changes did not have a material impact on the annual result.

The operating result in 2013 included a book gain of EUR 50.9 million arising from the sale of the 40% stake in Archirodon as well as an impairment charge of EUR 16.4 million relating to the SMIT trade name.

The result of associated companies in 2013 consisted almost completely of a (revaluation) result relating to the minority stake in Dockwise prior to the full acquisition.

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